YTCO(SH:600066) Zheng Quan Zhi Xing·2025-08-28 05:20Core Viewpoint - Yutong Bus (600066) has shown resilience in its financial performance despite a slight decline in revenue, with a significant increase in net profit, indicating strong operational efficiency and growth potential in the bus market [2][3]. Financial Performance - In the first half of 2025, Yutong Bus reported revenue of 16.129 billion yuan, a year-on-year decrease of 1.26%. However, the net profit attributable to shareholders was 1.936 billion yuan, up 15.64% year-on-year, and the net profit excluding non-recurring items was 1.550 billion yuan, an increase of 8.24% year-on-year [2]. - For Q2 2025, the company achieved revenue of 9.712 billion yuan, with a quarter-on-quarter decrease of 0.08% but a year-on-year increase of 51.33%. The net profit for Q2 was 1.181 billion yuan, reflecting a quarter-on-quarter increase of 16.11% and a year-on-year increase of 56.36% [2]. Sales and Market Position - Yutong Bus maintained its position as the industry leader in the production and sales of large and medium-sized buses, with total bus sales of 21,000 units in the first half of 2025, representing a year-on-year increase of 3.73%. However, sales of large and medium-sized buses decreased by 4.81% year-on-year [2]. - The domestic market for large and medium-sized buses faced a decline due to reduced demand in the tourism sector, but the company anticipates a recovery in demand in the second half of the year driven by policies promoting new energy buses and urban transportation integration projects [2]. Export Growth and International Strategy - The export volume of large and medium-sized buses in the industry increased by 16.51% year-on-year in the first half of 2025, with expectations for continued growth in the second half. Yutong Bus is deepening its overseas strategy, leveraging its self-developed new energy technology platform and high-end product matrix [3]. - The company has made significant strides in exporting high-end new energy models, including the delivery of the new generation pure electric intercity bus IC12E to an Italian operator, which has a range of 610 kilometers [3]. Shareholder Returns - Yutong Bus announced a mid-term dividend of 5 yuan per 10 shares (including tax), totaling 1.107 billion yuan, which represents 57.19% of the company's net profit attributable to shareholders for the first half of 2025. This reflects the company's commitment to sharing growth with its investors [3]. Earnings Forecast - The earnings per share (EPS) forecast for Yutong Bus for 2025, 2026, and 2027 is projected to be 2.05 yuan, 2.42 yuan, and 2.76 yuan, respectively, with corresponding price-to-earnings ratios of 14, 12, and 10 times. The compound annual growth rate (CAGR) for net profit is expected to be 14.0% [3].